The Internet is a global network of millions of computers belonging to various commercial and non-profit entities such as corporations, universities, and research organizations. The computer networks of the Internet are connected by gateways that handle data transfer and conversion of messages from a sending network to the protocols used by a receiving network. The Internet's collection of networks and gateways generally use the TCP/IP protocol for message transfer. TCP/IP is an acronym for Transmission Control Protocol/Internet Protocol, a software protocol suite initially developed by the Department of Defense.
Typically, the computers connected to a wide area network such as the Internet are identified as either servers or clients. A server is a computer that stores files that are available to other computers connected to the network. A client is a computer connected to the network that accesses the files and other resources provided by a server. To obtain information from a server, a client computer makes a request for a file or information located on the server using a specified protocol, such as HTTP. Upon receipt of a properly formatted request, the server transmits the file to the client computer.
The increasing use of wide area networks, such as the Internet, has resulted in an explosion in the provision of on-line services. Computer users can access a vast wealth of information and services by utilizing a wide area network to establish a connection with other computers connected to the network. Indeed, the Internet has quickly become a means for not only obtaining information, but for conducting commercial transactions and retail purchases. For example, the Internet has become a popular resource for consumers to evaluate different loan products and assess the potential conditions under which a loan (e.g., home mortgage, car loan, etc.) may be obtained. To assist users, many online systems feature a variety of loan calculators. Such loan calculators assist the user in determining a number of different factors, the most popular of which being a monthly payment given the inputs of loan amount, interest and term. Other loan calculators assist the user in evaluating the potential cost savings associated with home refinancing.
Although these and many other online loan calculators exist, they often require the consumer to estimate or provide important pieces of information that factor into the expected terms of a loan, the most of important of which being the expected interest rate. In connection with mortgage or refinancing calculators, the user must also estimate the current value of the subject property and an affordable loan amount. As many consumers have experienced, their initial estimates concerning these inputs are often incorrect, decreasing the ultimate utility of such calculators in assisting an assessment of the likely circumstances associated with a contemplated loan.
In light of the foregoing, a need in the art exists for methods, apparatuses and systems that remove the uncertainties associated with such prior art calculators and obtain more accurate inputs to provide an enhanced, industry-data driven approximation of the borrowing terms a particular consumer could expect in connection with different loan types, such as home loans of varying term, car loans, etc. Embodiments of the present invention substantially fulfill this need.